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Monero does the job fairly well, the only issue is that the floating exchange rate can make it difficult. A stable-coin with Monero's properties would do well I
by Aaronstotle 4y ago
Monero does the job fairly well, the only issue is that the floating exchange rate can make it difficult. A stable-coin with Monero's properties would do well I think.
- tsimionescu 4y agoA stable coin requires proof of who owns the actual coins, so that the clubs can be redeemed for real dollars. That would defeat the whole point of Monero. There is no way to make an anonymous stable coin, as long as owning and transferring dollars requires KYC and AML.
- Kranar 4y agoDoesn't require it no. DAI is a stable coin that has held its peg to USD for something like 5 years now and there's no proof of ownership involved. https://coinmarketcap.com/currencies/multi-collateral-dai/ https://coinmarketcap.com/currencies/multi-collateral-dai/
- deleted 4y ago[deleted]
- tsimionescu 4y agoWe'll see how well it maintains its peg if/when ETH and BTC go down to nothing. Either way, as far as I understand it, the protocol keeping DAI stable requires participants to be able to tell how much money has been deposited by a particular wallet (so that the agreed upon collateral requirements can be enforced). If that understanding is correct, then DAI requires pseudonimity instead of anonimity, and so can't have any of Monero's strict privacy guarantees.